Customers Bank Review: Bonus Checking And High-Yield Savings

If you're looking for a high-yield savings account, Customers Bank may have come up on your list of options. 

Customers Bank has one of the top annual percentage yields (APY) savings account options and it offers interest checking and a suite of business banking products as well. But you might not be sure if you should consider them - especially if you're never heard about them before.

See how Customers Bank compares in our review, and see what the other high yield savings accounts are offering today.

Who Is Customers Bank?

Customers Bank is an FDIC-insured bank with branches in seven states and geographic areas. They had $20 billion in assets in 2023.

Customers Bank offers commercial and consumer financial products. These include savings, checking, and money market accounts; certificates of deposit; residential mortgages; and consumer loans. They are a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI).

What Do They Offer?

Customers Bank is a full-service bank so you can do your checking, savings, loans, and even mortgages through them. Here's a closer look at what the bank offers.

Checking

Customers Bank has three checking products:

• Convenience Checking: No-fee ATMs at 400,000 locations. To avoid ATM surcharges and a $29/month maintenance fee, a $5,000 daily balance is required across all of your accounts, which can include your mortgage.
• Free Checking: No minimum balance and no fees.
• Interest Checking: Earn 0.05% APY on all balances. You can also earn 2.00% APY on the monthly average balance up to $100,000 with spending of $500 per month using the Customers Bank Visa debit card for signature purchases.

Savings

Customers Bank offers an amazing savings account in partnership with Raisin. This account is managed through the Raisin platform, but the funds are held at Customers Bank.

Right now you can earn 4.16% APY on your savings, with just a $1 minimum to open.

Check out this account on Raisin here >>

Business Banking

Customers Bank offers two business checking accounts:

• Commercial Interest Checking: Earn 0.05% APY. Minimum deposit to open an account is just $50.
• Commercial Interest Checking Plus: Earn up to 0.35% APY. Minimum deposit to open an account is just $50. To earn the top APY, you'll need to maintain an account balance of at least $100,000; otherwise the APY is 0.05%.

In addition to these business checking products, Customers Bank also offers business loans and cash management features like business bill pay, 24/7 remote check deposit, and lockbox services.

Are There Any Fees?

Customers Bank doesn't charge a monthly fee on any of its savings accounts. Its Convenience Checking and Money Market accounts do have maintenance fees, though, if minimum balances aren't maintained. These are:

• Convenience Checking: $29 monthly maintenance fee if a $5,000 combined deposit balance our outstanding loan balance on all of your Customers Bank accounts isn't maintained
• Money Market: $5 monthly maintenance fee if a $1,000 minimum balance isn't maintained

Customers Bank doesn't have a large ATM network outside of the ATMs that are available at its branch locations. However, Convenience Checking customers get unlimited ATM refunds when they keep a combined balance in all of their accounts of at least $5,000.

If you use a foreign ATM, Customers Bank will charge you a fee of 0.80% to 1.00% of the transaction amount. You could also be charged a variety of miscellaneous activity fees, but all of these can be avoided. You can see Customers Bank's full fee schedule here.

How Does Customers Bank Compare?

Customers Bank's top yields are some of the best that you'll find in the industry right now. However, those top rates require high minimum balances. If you have a smaller amount of cash to deposit, you might want to look for a different high-yield savings account that offers the same rate regardless of your account balance.

Check out this quick table for a closer look at how Customers Bank compares:

How Do I Open An Account?

It appears that Customers Bank is currently in the process of shifting its focus from consumers to its business banking products. The bank no longer allows customers to open new personal accounts online. Instead, you'll find a "Contact Us" button.

For Customers' two business checking accounts, however, you'll find an "Apply Now" button. To open a business account, you should be prepared to provide your personal information as well as company info like your EIN and business license.

How Do I Contact Customers Bank?

Customers Bank offers personal banking assistance 7 days a week from 9 AM - 6 PM (ET) at 866-476-2265. Business banking customers, meanwhile, can call 833-595-0618, Monday - Friday from
8 AM – 8 PM (ET).

Depending on where you live, you may also have access to in-person support at a physical branch. Customers Bank currently maintains branches in Pennsylvania, New Jersey, New York, New England, Illinois, Florida, and Texas.

There aren't many customer reviews of Customers Bank to be found online. And its mobile apps have relatively few downloads and ratings. Currently, the iOS app has an average rating of 2.6/5 from 16 reviews and the Android app is rated 3.4/5 from 42 votes.

Is My Money Safe?

Yes. Customers Bank is FDIC-insured, which means your money in deposit accounts is insured up to $250,000 per depositor. They use “256-bit” encryption technology for web and mobile communications.

Like most banks, you can sign up for paperless statements. This means paper statements will no longer be mailed to you and instead be available only through the bank’s website.

Is It Worth It?

Some of Customers Bank’s high-yield savings accounts are currently a good deal if you can meet their minimum balance requirements. But before opening an account, also check where the savings rate applies. For example, most high rates are only available online and not in branches. And if you're wanting to compare your options, check out our top online banks here.

Customers Bank FAQs

Let's answer a few of the most common questions that we hear about Customers Bank:

Does Customers Bank still offer personal accounts?

For now, it appears that Customer Bank's personal accounts are still being offered but they can only be opened in person or over the phone.

Who owns Customers Bank?

Customers Bank is a subsidiary of Customers Bancorp,. Inc and is led by its CEO Sam Sidhu.

Does Customers Bank serve crypto customers?

Yes, the company recently soft-launched its own crypto token, CBITT, and it says that it plans to expand its crypto and digital asset client base in 2022.

Does Customers Bank have any credit cards?

No, there aren't currently any Customers Bank-branded credit card products.

Customers Bank Features